Economic Calendar for Futures Traders: CPI, NFP and FOMC

A handful of scheduled US data releases move futures more than almost anything else. If you trade index, Treasury, currency or metals futures, you should know when they land and what they measure. Here's a guide to the big three, CPI, the jobs report and Federal Reserve decisions, plus how prop firms treat them. Release times are in Eastern Time (ET).

The key releases at a glance

Dates are from the BLS 2026 release schedule and the Federal Reserve's December 2026 calendar, checked November 3, 2026. Schedules can change, so confirm on the official calendars before you trade.

CPI: the inflation report

The Consumer Price Index measures changes in the prices US consumers pay for a basket of goods and services. Traders watch both the headline number and "core" CPI, which excludes food and energy. Because inflation drives Federal Reserve policy, a hotter or cooler reading than expected can quickly change what markets expect for interest rates.

What tends to react: Treasury futures such as ZN and ZB, equity index futures such as ES and NQ, the dollar (and so 6E) and gold (GC).

The jobs report (NFP)

The Employment Situation report includes nonfarm payrolls (the change in the number of jobs), the unemployment rate and average hourly earnings. It's usually released on the first Friday of the month, at 8:30 a.m. ET. Strong hiring or fast wage growth can signal inflation pressure; weak numbers can signal a slowing economy. Either can move rate expectations and futures prices sharply.

FOMC decisions

The Federal Open Market Committee sets the Fed's target for short-term interest rates at its scheduled meetings. The policy statement comes out at 2:00 p.m. ET on the final day of the meeting, followed by the Chair's press conference at 2:30 p.m. ET. The statement itself can move markets, and so can comments during the press conference, so volatility often comes in two waves. Minutes from each meeting follow about three weeks later at 2:00 p.m. ET.

Why futures move so fast on data

Markets price in a forecast before each release. What moves prices is the surprise: the gap between the actual number and what was expected. Futures trade nearly around the clock, so the reaction to an 8:30 a.m. release happens in futures an hour before the US stock market opens at 9:30 a.m. ET.

In the seconds after a release, order books can thin out, spreads widen and prices can jump several ticks at once. Topstep's help center notes that slippage is common during these events. A stop order becomes a market order when triggered, so in a fast move it can fill well beyond your stop price. See Futures Order Types.

Example: you hold two MES with a 6-point stop ($60 of planned risk). A data surprise gaps the market 12 points through your stop before you're filled. Your actual loss is $120, twice what you planned. On two ES, the same gap costs $1,200.

How prop firms handle news

Many futures prop firms restrict trading around major releases, and the rules differ widely. Here's what the firms we checked say, as of November 3, 2026:

Breaking a news rule can cost you a funded account, so check the current policy for your exact plan before each release.

A practical routine

1. Check the week's calendar every Sunday and mark 8:30 a.m. and 2:00 p.m. ET releases.
2. Decide in advance whether you'll be flat, reduce size or trade the release.
3. If you hold through data, size so a gap through your stop is still affordable. Use the position size calculator.
4. Record news-day trades separately in your trading journal.

For the wider trading day, see Futures Trading Hours Explained and the lesson on trading sessions.

Frequently asked questions

What time is CPI released?

8:30 a.m. ET, according to the BLS schedule. The next releases are November 10 and December 10, 2026.

What time is the jobs report released?

8:30 a.m. ET, usually on the first Friday of the month. The next releases are November 6 and December 4, 2026.

What time does the Fed announce rate decisions?

The FOMC statement is released at 2:00 p.m. ET, with the press conference at 2:30 p.m. ET. The next meeting ends December 9, 2026.

Can I trade CPI in a prop firm account?

It depends on the firm and plan. Topstep restricts new opening trades in index and metals futures around CPI; MFFU bars positions on Rapid and Pro sim-funded accounts; Tradeify says it has no news rules.

Why does my stop fill worse during news?

Stop orders become market orders when triggered. In fast markets, the next available price can be several ticks away, which is called slippage.

Educational content only. Futures trading involves substantial risk of loss.